Modeling Pension Systems

• List of Figures List of Tables Introduction Part I - Micro Level 1 Life cycle 2 Life insurance with life annuity 3 Fully funded systems 4 Unfunded systems 5 Mixed systems 6 Contributions, taxes and inflation Part II - Macro Level 7 Demographic process 8 Macroeconomics of pension systems 9 Transition between pension systems 10 Distribution of pensions Part III - Special Topics 11 Optimal consumption path 12 Flexible retirement 13 A closed model of overlapping cohorts 14 Macroeffects of combined indexation 15 Prefunding the unfunded system 16 A dynamic model of German pension reform 17 Political models 18 General pension accounting for Hungary 19 Closing remarks A - Designing optimal benefit rules B - Overlapping generations Solutions to problems Notations References Index

'This is an excellent introduction to the economics of pensions which combines breadth of coverage with analytical rigour. Policymakers, regulators and those in industry with an interest in pension reform should all read this book.' - Mike Orszag, Head of Research, Watson Wyatt, and Chairman of the Research Committee, International Network of Pension Regulators and Supervisors